Run a Worse Case Scenario.( Get some solid numbers from a property manager).Multiply monthly expenses by the number of months that it takes to get an eviction. 

Deal details: $800k pp, 1.5 back end high seasons jan to April 15-25k, low seasons 8-10k

Inventory is historically low, many new agents have the aura of desperation.

Maybe we can call it the "Ohio Cartel" lol@Pradeep VelugubantlaBeen based in Toledo for 10+ years now.Updside:1) Low entry, high cashflow2) Blue collar employed tenants that pay rent3) Homes well kept4) Certain pockets have infrastructure that supports tenant and homeowner demandDownside:1) Tertiary market with declining population from a macro standpoint2) Not much upside from an appreciation standpoint3) Unsophisticated work force.

And it's still one of the least expensive areas of the state to live in so I think STRs are plausible and fairly insulated from seasonality since we have year round recreation.

If the loan amount is higher than $1 mil, we can achieve a rate in the low 6s on a 5/6 ARM.

Now that we've closed I'm adjusting to having 3 mortgages and managing the operations/expenses... baby steps. 

That's what makes more expensive markets/price points interesting.

On the one hand, floating rate loans are "normal" in this space.On the other hand, when rates are at a 50 year low ... where the heck do you think they are going to go?  

thx experts There are certainly a lot of factors that go into the decision - keep in mind to there are multiple options with no prepayment penalty, so while there will be costs associated with the refinance - a no-prepay-penalty loan to purchase (at low leverage) can make a lot of sense as you can refinance later when rates inevitably come down, but don't have to time/guess when that is